【导读】香港交易所：首 8 个月IPO集资额狂飙579% 中国基金报记者 郭玟君 9月4日，香港恒生指数跌1.12%，恒生科技指数跌1.85%，恒生中国企业指数跌1.25%，恒生红筹指数跌0.7%，大市成交3022.33亿港 元。南向资金小幅净买入7.06亿港元。 香港恒生行业指数中，公用事业指数微涨0.04%，原材料业指数下跌4.2%，医疗保健业指数下跌3. 76 %，资讯科技业指数下跌1. 85 %，非必需性消费行业指数下跌1. 75 %，能源业指数下跌 0 . 99 %。 有色、医药股大面积走弱，药明康德跌 超 7%；半导体、机器人概念集体下挫，中芯国际、地平线机器人跌超6%；银行股逆 市 走强，农 业银行涨超2%。 恒生指数成份股中27只上涨，56只下跌。中升控股跌8.85%，药明康德跌7.31%，中芯国际跌6.67%，领跌蓝筹 股 。 | 序号 | 名称 | 代码 | 现价 | 消費 | 涨跌幅 ^ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 中升控股 | 0881 | 15.760 c | -1.53 ...

新华社快讯：9月4日，中共中央总书记、国家主席习近平在北京同朝鲜劳动党总书记、国务 委员长金正恩举行会谈。 来源：新华社 ...

也因此，在牛市环境中，更需强调"底仓思维"，预留一定仓位配置那些风格稳健的"底仓 型"基金。 一般而言，底仓型基金不押注单一赛道或热门主题，也不盲目追逐资金短期聚集的市场热 点。这类基金通常风控能力出色：一方面，通过行业均衡配置与分散持股，规避因单一行业 或股票权重过高带来的风险；另一方面，重视估值水平和安全边际，避免追高。从数据表现 来看，底仓型基金的短期业绩可能并不突出，但中长期表现往往较为优异，同时具备低波 动、低回撤的特征，能够为投资者提供更舒适的持有体验。 权益配置：不可或缺的投资选择 为什么一定要配置权益资产？又为什么必须通过组合的方式参与？对普通投资者而言，权益 市场无疑是分享优质企业成长红利、实现资产保值增值的重要途径。历史数据显示，尽管A股 市场存在明显的周期性波动，但从长期来看，偏股型基金指数仍实现了较为可观的回报，其 长期收益率远超大多数传统理财产品。正因如此，从资产配置角度出发，完全避开权益类资 产，很可能意味着错失重要的长期收益来源。 然而，盲目追逐市场热点、单一押注某一高波动赛道，一旦遭遇深度回调，所带来的损失可 能是很多投资者难以承受的。例如，若某只基金回撤达到50%，其后需上涨 ...

Core Viewpoint - The article discusses the release of a government opinion aimed at enhancing the potential of sports consumption and promoting high-quality development in the sports industry, with a target of exceeding 70 trillion yuan in total scale by 2030 [2][13]. Group 1: Expanding Sports Product Supply - The government aims to enrich sports events and activities by implementing special policies for event economic development and establishing a multi-level event system [5][14]. - Development plans for outdoor sports industries will be created, focusing on diverse outdoor activities and promoting high-quality outdoor sports destinations [6][15]. - The government encourages the growth of the ice and snow economy and supports the upgrade of sports equipment manufacturing [6][15]. - Initiatives to stimulate sports consumption include expanding consumption scenarios and organizing sports consumption events around key holidays [6][16]. Group 2: Strengthening Industry Support - The government emphasizes the importance of building strong sports enterprises and increasing the number of large-scale sports companies [8][16]. - Financial support will be enhanced for sports enterprises, including facilitating listings and refinancing [9][17]. - The government plans to improve the supply of sports venues and facilities through various funding sources [9][18]. Group 3: Enhancing Service and Monitoring - A favorable market environment will be created to optimize payment services for sports consumption, including the application of digital currency [9][19]. - The government will improve statistical monitoring and data sharing among various departments to enhance the understanding of the sports industry [10][18].

【导读】华为新三折叠 手机 17999 元 起 售， 最高规格 为 16G+1T 中国基金报记者 张燕北 9月4日，华为Mate XTs非凡大师及全场景新品发布会在深圳举行 。会上，华为发布新款三 折叠手机Mate XTs非凡大师。 值得关注的是， 该款手机搭载麒麟9020芯片和鸿蒙操作系统 。 这是时隔 4 年麒麟芯片重现 华为 发布会，被市场广泛解读为国产高端芯片全链路自主可控的重要标志。 华为新三折叠手机发布 售价17999 元 起 价格方面 ，16GB+256GB版本售价 为 17999元，16GB+512GB版本售价 为 19999元， 16GB+1TB版本售价 为 21999元。 "华为Mate XTs非凡大师影像体验能力再度提升，将超光变主摄、超广角镜头、长焦摄像头 升级为RYYB传感器，同时，将超广角镜头分辨率提升至4000万像素，进光量提升40%。"余 承东介绍道。 发布会上，华为常务董事、终端BG董事长余承东正式发布华为第二代三折叠手机、全球第二 款商用三折叠——华为Mate XTs非凡大师。 作为华为高端"非凡大师"品牌的最新成员，该机型不仅在折叠形态上延续了独特性，更在核 心性能上迎来 ...

Core Viewpoint - The humanoid robot industry is experiencing significant growth, with a notable increase in the number of concept stocks and a strong performance in the capital market, indicating a promising investment landscape [2][4]. Group 1: Market Performance - As of September 4, 2023, there are 172 humanoid robot concept stocks in the A-share market, with only 12 experiencing a decline in stock price this year. Nearly 70 stocks have increased by over 50%, and 25 have doubled in value, showcasing a strong upward trend [2]. - Over 60% of the concept stocks reported improved performance in their semi-annual reports, with companies like Aobo Zhongguang, Keli Sensor, and Lide Xiebo achieving profitability, marking the first wave of industry benefits [4][5]. Group 2: Profitability and Key Players - The year 2025 is anticipated to be the "year of mass production" for humanoid robots, with upstream companies providing essential components and sensors being the primary beneficiaries rather than the front-line manufacturers [7]. - Among the 172 humanoid robot concept stocks, 114 reported a year-on-year increase in net profit, with 25 companies exceeding 100% growth and 38 surpassing 50% growth, particularly in sectors like reducers, controllers, and servo motors [8]. - Aobo Zhongguang reported a revenue of 435 million yuan, a 104% increase year-on-year, and a net profit of 60.19 million yuan, marking a turnaround with over 200% growth [9]. - Keli Sensor achieved a revenue of 685 million yuan and a net profit of 173 million yuan, reflecting year-on-year growth of 23.4% and 47.9%, respectively [10]. - Lide Xiebo's revenue reached 251 million yuan, with a net profit of 53.42 million yuan, both showing nearly 46% growth [10]. Group 3: Major Contracts and Developments - Leading manufacturers like Ubtech have secured significant contracts, including a nearly 1 billion yuan order and a 250 million yuan contract for humanoid robot products, indicating a shift from concept to commercial application [11][12]. - In the first half of 2025, over 83 humanoid robot projects were disclosed in China, with total contract amounts nearing 330 million yuan, a significant increase from the previous year [14]. Group 4: New Entrants and Industry Expansion - The humanoid robot sector is attracting new players, with traditional automotive parts companies like Top Group and Junpu Intelligent entering the market, leveraging their existing business advantages [16][17]. - Tianqi Co. has established a humanoid robot division and signed an investment agreement to advance the development of humanoid robots in industrial applications [17]. - The number of companies entering the humanoid robot concept stock category is rapidly increasing, reflecting growing interest and investment in this sector [18].

Core Viewpoint - The company aims to achieve profitability by the fourth quarter of 2025, acknowledging significant challenges but also opportunities for success [3][5]. Financial Performance - In the second quarter of 2025, the company reported a revenue of 19.01 billion yuan, marking a year-on-year increase of 9.0% and a quarter-on-quarter increase of 57.9% [12]. - The company set a target for the fourth quarter of 2025 to achieve a gross margin of 16% to 17% to reach breakeven [5]. Production and Delivery Goals - The company aims for a monthly average delivery of 50,000 vehicles in the fourth quarter of 2025, with a production capacity target of 56,000 vehicles [6]. - The delivery targets for the third quarter of 2025 are set between 87,000 to 91,000 vehicles, with specific monthly targets for July, August, and September [13]. Product Development - The company is focusing on the launch of new models, including the L90 and the new ES8, which are expected to drive sales and lead the market in large electric SUVs [10][11]. - The company emphasizes the importance of proving its financial viability and sustainable growth through these new product launches [5]. Strategic Initiatives - The company plans to implement a series of reforms, including a CBU (Core Business Unit) mechanism, to ensure that each project has clear investment return expectations [8]. - The company is committed to a pure electric vehicle strategy, which is expected to benefit from the growing market demand for electric models over range-extended models [9].

les & FR 点击下载中国基金报客户端 特朗普说自己这个周末"非常活跃"，并不知道相关传言。"这是假新闻，太虚假了，这就是媒体公信 力低的原因。"特朗普说。 在回应过程中，特朗普还不忘贬损前总统拜登。特朗普说，自己仅两天未举行记者会就引发猜测， 而拜登数月未公开露面却无人质疑。"我们知道，他的身体状况并不是很好。"特朗普补充道。 上周，现年79岁的特朗普因连续数日未公开露面再次引发外界对其健康状况的关注。此前，白宫医 疗团队曾就特朗普腿部肿胀向公众做出解释，称其被诊断为"慢性静脉功能不全"。 来源：新华社 据新华社，美国总统特朗普2日在白宫新闻发布会上回应关于他"已去世"的网络传言，指其为"虚假新 闻"。 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND ●微信搜一搜( 〔 ...

Core Viewpoint - The interest of overseas long-term capital in the Chinese market has significantly increased, with the A-share market poised for growth as supportive policies continue to take effect and external environments become clearer [1][5]. Group 1: Investor Sentiment - Investor confidence in investing in China has been steadily increasing this year, particularly as global trends favor diversification into non-USD assets [3]. - The number of attendees at the UBS A-share seminar reached a historical high, indicating a growing interest from international investors, especially from the US and the Middle East [1]. Group 2: A-share Market Outlook - The current global interest rate cut expectations, combined with low domestic interest rates, create a favorable liquidity environment for capital inflow into the Chinese stock market [5]. - The proportion of overseas investment in the A-share market is currently at 7.4%, significantly lower than the 10% to 50% range seen in other Asian countries, suggesting substantial room for growth in foreign investment [5][6]. Group 3: Foreign Investment Focus - Foreign investors are particularly cautious and require tangible improvements in company fundamentals before making large-scale investments in China [6]. - Key areas of interest for foreign investors include the AI industry chain, biomedicine, new consumption sectors, and established sectors like new energy vehicles and renewable energy [6]. Group 4: Currency Outlook - The RMB is expected to strengthen due to a combination of global economic uncertainties stemming from previous US tariffs and an anticipated new round of interest rate cuts by the Federal Reserve [8].

Market Overview - On September 4, A-shares experienced a significant decline, with the Shanghai Composite Index dropping by 1.25%, the Shenzhen Component Index by 2.83%, the ChiNext Index by 4.25%, and the Sci-Tech 50 Index falling over 6% [1][9]. Market Performance - A total of 2,297 stocks rose, while 2,990 stocks fell, with 43 stocks hitting the daily limit up and 47 stocks hitting the daily limit down [1][3]. - The total trading volume reached 25,818.93 billion, with a total trading amount of 162,553.5 million [3]. Sector Analysis - Consumer stocks, including retail and food sectors, saw gains, with several stocks like Guoguang Chain and Anji Food hitting the daily limit up [3]. - In contrast, semiconductor and computing-related stocks faced substantial declines, with many stocks dropping over 10%, including Cambridge Technology and Zhongji Xuchuang [5][6][7]. Analyst Insights - Analysts attribute the market's sharp adjustment to the rapid previous gains, leading to profit-taking pressures, compounded by misleading rumors [9]. - Despite the downturn, analysts maintain a positive outlook on the Chinese market, citing sustainable upward momentum and supportive regulatory measures from the China Securities Regulatory Commission [9]. - Historical patterns suggest that such adjustments are common in bull markets, typically lasting 2-3 trading days, with expectations of new highs following the correction [9].